CORSA NUT
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Registered: 3rd Aug 01
Location: Wirral
User status: Offline
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Anyone self employed here etc etc?
I'm getting the basic gyst of what to do but it's still a bit confusing 
Would it be easier to see an accountant and get the full low down? Oh and it will be my own electrical contractors. I'm aiming to start on my own in July but really want to sort things out now in advance.
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mattk
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Registered: 27th Feb 06
Location: St. Helens
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sole trader is piss easy
go to the bank and get a business account, fill in the online form to apply for a UTR number for your tax, keep a month by month folder of all expensise recipts and give them to your accountant at the end of the year
pop down to your local chamber of commerce, you can apply for a start up grant
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JonnyJ
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Registered: 23rd Sep 05
Location: Scotchland
User status: Offline
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How much is the grant Matt? Or does it vary?
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CORSA NUT
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Registered: 3rd Aug 01
Location: Wirral
User status: Offline
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Ooooooo a grant? Good info there thanks matt 
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mattk
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Registered: 27th Feb 06
Location: St. Helens
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varies on your start up costs, I got £1000 split into 2x payments of £500 6 months apart
you can apply for upto £5k
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JonnyJ
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Registered: 23rd Sep 05
Location: Scotchland
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Interesting to know, thanks
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Rich H
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Registered: 26th Oct 05
Location: West Sussex Drives: E46 M3
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quote:
Originally posted by mattk
varies on your start up costs, I got £1000 split into 2x payments of £500 6 months apart
you can apply for upto £5k
Does that not depend very much on how much you earn prior to becoming self employed? I'm sure when I looked into grants, because I was already employed before going self employed, and earning more than minimum wage I wasn't applicable 
Self employed sole trader is pretty straight forward though as Matt said - just keep records of all income, outgoings, receipts, invoices etc. I do that side of book keeping, then get an accountant to go over it all at the end of the year and do my tax return for me.
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John G
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Registered: 18th Jul 05
Location: Wirral, Merseyside
User status: Offline
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Is it not working out at Lexus mate?
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Gregor
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Registered: 28th Nov 03
Location: Paisley, Renfrewshire
User status: Offline
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It's not easy at all and it takes over your life like you wouldn't believe. It's great to be your own boss but people seem to think you'll make mega money and take holidays whenever you want.
The paperwork side of things is relatively straightforward, provided you are always keeping on top of it.
Good luck
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CORSA NUT
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Registered: 3rd Aug 01
Location: Wirral
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quote:
Originally posted by John G
Is it not working out at Lexus mate?
It's just a stop gap till i qualify as a spark in June mate
They are letting me have the Monday off paid to go to college as i do electrical work for them also i'm pretty good at my job there.
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CORSA NUT
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Registered: 3rd Aug 01
Location: Wirral
User status: Offline
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quote:
Originally posted by Gregor
It's not easy at all and it takes over your life like you wouldn't believe. It's great to be your own boss but people seem to think you'll make mega money and take holidays whenever you want.
The paperwork side of things is relatively straightforward, provided you are always keeping on top of it.
Good luck
Yeah mate I've heard it's not a bed of roses so to speak thing is i'm mega organised and dedicated so i 'Should' be okay
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Gregor
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Registered: 28th Nov 03
Location: Paisley, Renfrewshire
User status: Offline
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Yeah if you have that mindset you'll be fine. Do you have any commitments, wife/kids etc?
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CORSA NUT
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Registered: 3rd Aug 01
Location: Wirral
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Well yeah wife and a baby due next week 
That's my mindset at the moment..time to make money for myself instead of other people for a change. Getting offered lots of work but i just haven't got the time due to the job i'm in now.
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alan-g-w
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Registered: 9th Nov 07
Location: Glasgow
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You're just qualifying as a spark and you're setting up your own business as soon as you do? Would it not maybe be worth getting a couple of years experience at least?
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scottyp1989
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Registered: 29th Jul 07
Location: Warley, West Midlands
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quote:
Originally posted by alan-g-w
You're just qualifying as a spark and you're setting up your own business as soon as you do? Would it not maybe be worth getting a couple of years experience at least?
i agree with this TBH, college teaches u nothing about what its actually like, just the basics really
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mattk
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Registered: 27th Feb 06
Location: St. Helens
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that was going to be my next post, you have to be able to do anything you are asked to the highest standard otherwise it wont work, id try and get some experience first
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scottyp1989
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Registered: 29th Jul 07
Location: Warley, West Midlands
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iv been doing 3 years now on the job and still learning TBH, i do machineary tho but if i was to go and do house bashing i wouldnt have a clue where to start as iv never do it.
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alan-g-w
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Registered: 9th Nov 07
Location: Glasgow
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Even with a four year apprenticeship you'll still be learning in the years leading away from it. To go into business yourself so early it'd either need to be quite a niche market or specialist stuff to learn it all from a college course.
This isn't at all meant to put you off Corsa Nut, just wouldn't want to see you making a wrong move what with talk of a baby being due and all that. How long have you been training for?
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Rob_Quads
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Registered: 29th Mar 01
Location: southampton
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Have you decided on a market? Are you looking b2b or b2c as they mean you will need to do different things.
IMO starting your own business is not something to do with the baby on the way, well not unless you can do it on the side of a part time job. You have to be prepared to go a few weeks with nothing etc.
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mattk
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Registered: 27th Feb 06
Location: St. Helens
User status: Offline
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yeah i spent a bit getting set up and i did it on the cheap
2000 on a transit
1000 to insure it
450 gas safe registration
300 public liability insurance
400 some extra exams i needed
and about another 500 on tools i needed
not cheap at all
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Warren G
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Registered: 14th May 06
Location: Kent
User status: Offline
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I need to get a proper unit,
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Gregor
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Registered: 28th Nov 03
Location: Paisley, Renfrewshire
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He may well be experienced enough. Depends if when he was an apprentice he dossed about , or he got stuck in.
I am 23 and been qualified a year and a half. Im running a small joinery and building firm with 3 vans on the road. The business has expanded rapidly since it began 15 months ago, so it can be done.
And by the way , Im not J Da Silva.
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emicen
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Registered: 26th Jul 10
Location: Glasgow
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quote:
Originally posted by Rob_Quads
Have you decided on a market? Are you looking b2b or b2c as they mean you will need to do different things.
IMO starting your own business is not something to do with the baby on the way, well not unless you can do it on the side of a part time job. You have to be prepared to go a few weeks with nothing etc.
Swap few for dozen and weeks for months 
I have just gone back to employment after 5yrs self employed (pay hit to make a career change ). A good accountant is worth as much during start up as when running, both for legal/tax/financial planning advice and for who they know and can introduce you to.
Mine is a bloody genius tbh
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scottyp1989
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Registered: 29th Jul 07
Location: Warley, West Midlands
User status: Offline
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quote:
Originally posted by Gregor
He may well be experienced enough. Depends if when he was an apprentice he dossed about , or he got stuck in.
I am 23 and been qualified a year and a half. Im running a small joinery and building firm with 3 vans on the road. The business has expanded rapidly since it began 15 months ago, so it can be done.
And by the way , Im not J Da Silva.
by the sounds of it tho hes not been doing an apprenticeship, just odd jobs at work (lexus right?) and day release at college. again comercial/industrial is a lot different to house bashing but depends what part he wants to go into really, house bashing i would recomend getting experiance before jumping feet first.
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CORSA NUT
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Registered: 3rd Aug 01
Location: Wirral
User status: Offline
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FFS lads I have more than enough experience, although i'm not working in the 'trade' at the moment I'm still doing electrical work on the side and also for were i'm working now, plus I've done 2years+ Domestic/Commercial and industrial electrical work.
I'm 30 and also a qualified engineer for 8 years before I even started my electrical adult traineeship and I was building electrical panels in that time too aswell as many other things Inc electric hoists and motors.
I'm looking to 'Start' the company in June/July but want to get the ball rolling now ie UTR number and register the business etc.
I'm more than capable in what I do I'm actually looking for advice from people who actually own there own business and any tricks or handy tips they have...thanks for the concern though plus I'll never stop learning.
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